Hi guys,
I would like to ask about currency pairs with regards to their trading sessions.
These are the following assumptions:
- I have a profitable trading system
- I trade on a 4hr chart
- I trade only the Majors
For example, I would like to trade the USDJPY pair.
Qn 1) Do I trade the pair only during the Tokyo or New York session? (since USD and JPY is involved)
I came from a futures-trading background, so what I normally do is to trade SPX when New York equity markets open, trade DAX when European markets are open, etc. Basically, I only trade the indexes during their equity market opening hours. I believe Forex doesn’t work the same way.
Qn 2) Which comes first? Technicals or trading sessions?
Assuming the spread is not an issue at this point.
Let’s say I observe a pretty good setup which fulfils the technical aspect of my criteria, but this setup happens to fall outside of its trading session, do I still go ahead with the trade? In other words, USDJPY has a good 4hr chart setup during the London session.
Qn 3) When/what time do daily candles conclude officially each day? Do all pairs conclude at the same time?
In trading index futures, daily candles are printed after the equity market hours are over.
I cannot possibly use the daily candle that my broker provides on the chart because the daily candle is printed based on their own timings, as such it would be inaccurate.(Different brokers print daily candles at different timings)
However, I’m not sure how this works in Forex.
Thank you once again to everyone and anyone who is able to help.
Cheers!